Oriental Trading's shareholders held an auction earlier in the year that failed to yield a buyer, after which Berkshire stepped in with a compelling offer, the Journal said, citing another person close to the deal.

Berkshire Hathaway and Oriental Trading Co were not available for comment outside regular U.S. business hours.

In August, Reuters reported that Oriental Trading, which also sells arts and crafts and home decor items, was up for sale in a deal that could fetch about $500 million.

The company, which filed for Chapter 11 bankruptcy protection in August 2010, is owned by more than a dozen financial institutions.

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cindy8556

Talk about investing in China! Every single thing oriental trading sells is made in China. He talks about raising the taxes on the wealthy then sends half a billion to China. Instead of investing in a chinese company, why don't you manufacture those same items here, Mr. Buffett? Put that money into a manufacturing plant and hire some americans to do the work?

The explanation by ybob555 below is very accurate. But it will fail because it assumes that people educated in union controlled government funded schools will understand the difference between paying percentages and paying dollars. They don't. And they were taught that being dependent on government is good. That is why so many vote the way they do, They learned it in "school".